Private sector lender Kotak Mahindra Bank posted a 32.8 per cent jump in its standalone net profit for the quarter-ended March 31, 2021 at ₹1,682.37 crore. Its standalone net profit stood at ₹1,266.6 crore in the fourth quarter of fiscal year 2019-20 (FY20).

For the full fiscal 2020-21, the lender’s standalone net profit increased by 17.11 per cent to ₹6,964.84 crore versus ₹5,947.18 crore in FY20.

Growth in NII

Its net interest income grew by 7.9 per cent to ₹3,843 crore in the fourth quarter of last fiscal as against ₹3,560 crore in the same period in the previous fiscal.

Net interest margin was down at 4.39 per cent from 4.72 per cent a year ago.

Other income increased by 30.9 per cent to ₹1,949.53 crore in the fourth quarter versus ₹1,489.39 crore a year ago.

Provisions rise

Provisions increased by 12.6 per cent to ₹1,179.41 crore in the fourth quarter last fiscal as against ₹1,047.47 crore in the corresponding period of the previous fiscal.

The bank did not make any Covid-19 related provisions in the fourth quarter and retained the Covid-19 provision at ₹1,279 crore.

Gross non-performing assets increased to ₹7,425.51 crore or 3.25 per cent of gross advances as on March 31, 2021 as against 2.25 per cent a year ago. Net NPAs also rose 1.21 per cent of net advances as on March 31, 2021 versus 0.71 per cent a year ago.

Deposits grew 6.6 per cent to ₹2.8 lakh crore in FY21 on an annual basis while advances increased by 1.8 per cent to ₹2.23 lakh crore. The bank’s Board recommended a dividend of ₹0.90 per equity share for FY21.

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